For me, politics is an instrument for socio-economic transformation. I do not have any PR with anybody says, Nitin Gadkari.

The tough policy stance taken by the RBI is making it difficult for investors to secure funding for major infrastructure projects, said road transport and highways minister Nitin Gadkari. In an interaction with ET’s Bodhisatva Ganguli at the ET Awards for Corporate Excellence, Gadkari said that around 150 projects worth Rs 2 lakh crore are stuck as getting financial closure from banks has become difficult. Edited excerpts:

General elections are round the corner, and there’s talk that this government may come back to power, but with less numbers. What’s your assessment?At present, I am concentrating all my efforts on my ministry because in party activities, we have a very small role as a member of parliamentary board. As far as the performance of our state governments are concerned, the agricultural growth rate in Madhya Pradesh is 23% — the highest in the country. In Chhattisgarh also, the growth rate and development have been marvellous. In Rajasthan, Raje’s government has done an excellent job. I am confident that we will get a reasonably good majority in these states.

Your performance in all your ministries is well known. What has been your biggest challenge? Has dealing with the bureaucracy been more difficult than you anticipated?I am a very positive person. The only problem I am facing is that we have at least 150 projects worth Rs 2 lakh crore that are stuck. The financial closure by banks is becoming a very tough thing for the investor. I feel that it is the appropriate time for the Reserve Bank to support infrastructure as far as our growth is concerned. But unfortunately, many times the circulars issued by the RBI end up creating more complications. I have discussed the issue with the finance minister. When I had taken charge as minister, there were 403 stuck projects worth Rs 3.85 lakh crore. By sorting them out, my department saved Indian bankers NPAs worth Rs 3 lakh crore. Our track record is good. The contractors are in a good position. Earlier, when there were problems such as land acquisition, environmental issues, the banks supported the contractors. Now, when everything is clear, the economic situation is good, the government is transparent, and decision-making is fast, I don’t know why banks are not making financial closures just because of some RBI circulars. It is very painful for me to tell you this as a cabinet minister. This is the time that I expect bankers and the Reserve Bank to support infrastructure because last year’s contribution of my department to GDP was 3%, and if the banks support me, I guarantee we will make 3.5% contribution to GDP. All our projects are economically viable. The internal rate of return is good.

Have you had any interaction with the RBI in this regard?It is not my job. I do not want to meet him (the governor). My experience has not been good. You meet someone only if you think that he’ll do something.

You were able to monetise many of the highways in recent times — any further monetisation measures on cards? We have some 11-12 bundles of national highway stretches. The time when our first bundle was launched under the Toll-Operate-Transfer model, our expectation was Rs 6,400 crore, and we got Rs 10,000 crore. Now we have another bundle coming up through which we are hoping to raise Rs 5,000 crore. We are hoping several international funds to bid.

Multimodal transport has been one of your passions. Recently you launched a hub in Varanasi to promote waterways as a means for container traffic movement. What are the next steps? Actually, it is a very interesting project, and I will appeal to all the investors (to take part in it). Our logistics cost is 16-18%, in China it is 8-10%, in European countries it is 12-13%. Waterways are cheaper than roads and railways, and by using methanol as fuel, it could also be the green mode. So now, we have started transport in Ganga. For Kumbh, we have completed dredging from Allahabad to Varanasi, and we are making four river ports in Allahabad and four multimodal hubs along the river. We have already completed one in Varanasi and the ones in Haldia, Sahibganj and Ghazipur will be completed within three months.

What about road projects? There’s lot of emphasis on expressways...We are making a 12-lane express highway between Delhi and Mumbai which will be access controlled. Works worth `44,000 crore have already been awarded between Vadodara and Mumbai, and in the next 15 days, we are going to award work from Delhi to Jaipur. The most important thing is that this passes through the backward and tribal areas of Rajasthan, Haryana, Maharashtra and Gujarat. The total land acquisition cost which we have saved because of new alignment is Rs 16,000 crore. In the next two-and-a half years, the road travel between Delhi and Mumbai would be reduced to 12 hours.

You have handled three ministries to general acclaim and you are transforming the infrastructure of the country. If I may ask you, what would you like to do next?I am not an ambitious politician — I have a mission. I belong to the RSS. For me, politics is an instrument for socio-economic transformation. I do not have any PR with anybody. I do not want to use any methods for any new ambition. I am happy with the work I am doing right now.